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SPINNAKER SECURES ADDITIONAL FINANCING

 CAMBRIDGE, Mass., March 1 /PRNewswire/ -- Spinnaker Software Corporation (NASDAQ: SPKR) today announced that the company has secured $1.4 million in additional financing from Phemus Corporation, an affiliate of Harvard Management Company, Inc., Boston, and one of the company's principal stockholders.
 The company issued its one year secured promissory note which is convertible into shares of Spinnaker common stock at $1 per share. In addition, the company granted Phemus warrants to purchase up to 350,000 shares of common stock at $1 per share.
 Harvard Management is a major investor in Spinnaker and recently agreed to finance the company's pending acquisition of Power Up Software, San Mateo, Calif. The acquisition will make Spinnaker a $65 million consumer productivity software company.
 Based in Cambridge, Mass., Spinnaker is a leading supplier of software solutions for the small business, home office, consumer productivity market. The company reported revenues of just over $30 million in fiscal 1992.
 -0- 3/1/93
 /CONTACT: Dan Chmielewski of Spinnaker Software, 617-494-1200 x458/
 (SPKR)


CO: Spinnaker Software Corporation ST: Massachusetts IN: CPR SU: FNC

DH -- NE023 -- 1666 03/01/93 18:08 EST
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Publication:PR Newswire
Date:Mar 1, 1993
Words:185
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